RESTAURANT BRANDS ASIA LTD, BURGER KING (ACCUMULATE)

Sector: Hospitality/ Industry: Restaurants
Market Cap: 5,619.06/- Cr. / Category: Small Cap
Current Price: 113/- Target Price: 137,165,190/- Stop loss: 84.5
Ticker: NSE: RBA Recommendation: BUY (Buy Around 94 - 91)

Date: 30/11/2023

Elliott Wave Theory Outlook –Restaurant Brands Asia ltd, Buying the Dips around 94 – 91
zone. (Ending Diagonal completed)

Hello traders. In this technical research report we’re going to take a quick look at
the Elliott wave chart of RBA ltd. As our members know, the stock is showing impulsive
bullish sequences that are calling for further strength. Our team recommended members
to avoid selling, while keep favoring the long side. Recently we are in corrective
structure in a higher time frame. In the further text we are going to explain the Elliott
Wave Forecast and trading strategy.

The stock is giving us wave (b)) pull back that is unfolding as a Zigzag pattern in a smaller
time frame. The price might reach extreme zone at 94 – 91, We don’t recommend selling
the stock and prefer the long side from the 50 & 61.8% Fib levels. As the Intermediated
trend is bullish, we expect to see at least 3 waves bounce from our buying zone. Once
bounce reaches 61.8% Fib against the (wave 3) high, we will make long position risk free
(put SL at Breakeven) and take partial profits. Invalidation for the long trades is at 84.5
level.

Momentum & Trend Indicators:

Relative Strength Index 41.49 Neutral
Rate of Change -1.93 Negative
Stochastic %K 24.06 Neutral